The FTSE 100 climbed today as investors turned to oil and mining stocks amid heightened fears over escalating tensions in Russia’s invasion of Ukraine.
London’s leading index rose 0.8% to close at 8,149.27. Energy giants Shell and BP benefited from rising oil prices, with their shares gaining 1.8% and 2%, respectively. Defense-focused companies Rolls-Royce and BAE Systems also advanced, driven by increasing concerns over the conflict in Ukraine.
The market reaction followed Russian President Vladimir Putin’s announcement on Thursday that Russia had tested a new intermediate-range missile in an attack on Ukraine. Putin also issued a warning that Moscow could target nations allowing Kyiv to use their missiles against Russia.
These developments came during a week of heightened tensions, as the US and UK eased restrictions on Ukraine’s use of longer-range missiles within Russian territory.
Elsewhere in Europe, Frankfurt’s DAX index rose 0.7%, while Paris’s CAC 40 edged up 0.2%.
